the two tables i have taken pictures of are conjoined.
Your answer is partially correct. 1. 2 3 4. 5. Listed below are selected examples of transactions related to the purchase and sale of inventory from the perspective of the seller or the buyer as indicated. Assume a perpetual inwentory system is in use, Buyer: Purchase of $3.290 of inventory for cash. Buyer: Return of $705 of inventory to seller for credit on account. Buyer: Purchase of $3.760 of inventory on account, terms 2/10,0/45. Buyers Payment of $390 cash for freight on purchase of inventory (FOB shipping point). Buyer; Payment of amount owed for purchase of $3.290 of inventory, terms 2/10, 1/30, paid within discount period. Seller: Sale or inventory on account, terms /30. Selling price $20,000; cost $8,000. Management expects a return rate of 7.69% 7 Seller: Return of damaged Inventory from buyer for cash. Selling price 5510 cost $211. All of the goods were discarded because they are not resaleable. Seller: Payment of $S50 cash for freight on sale of inventory (FOB destination) Seller Return of unwanted Inventory from buyer for credit on account Selling price $390; cost $149. Goods restored to Inventory for future resale 10 Seller: Receipt of payment ($7 520) from customer on account, terms/30 6. B 9. For each of the above transactions, indicate (a) the basic type (osetliability, revenus, or expense) of each account to be debited and credited by the specific names of the account to debit and credit for example, Inventory; and (c) whether each account is increased to or decreased (-) and by what amount. The first one has been done for you as an example. (Enter specific debited account items in alphabetical order. Enter negative amounts gether a negative in preceding the numbers 15 or parentheses es (451) Account Credited 6. 7. 8 Sebore orientary on account 7.69% Seller: Return of damaged inventory from buyer for cash. Selling price $510, cost $211. All of the goods were discarded because they are not resaleable Seller: Payment of 5550 cash for freight on sale of inventory (FOB destination), Seller: Return of unwanted inventory from buyer for credit on account Selling price $390, cost $149. Goods restored to Inventory for future resale. Seler: Receipt of payment (57 520) from customer on account, terms/30 9. 10 For each of the above transactions, indicate (a) the basic type (asset, liability, revenue, or expense of each account to be debited and credited: (b) the specific rame(s) of the accounts) to debit and credit (for example, Inventory and (c) whether each account is Increased) or decreased (-) and by what amount. The first one has been done for you as an example, (Enter specific debited account Items in alphabetical order. Enter negative amounts using either a negative sin preceding the number ex-45 or parentheses (451) Account Debited ta) (c) Basic Type of Item Specific Account Basic Type of Account Amount Specific Account 1 Asset Inventory $3.290 Asset c A Ses Return and Allowances 705 Asset $ Aset Intory 5 3760 Liability Account Paya A Inventory 5 Canish vertory $ 3290 Asset C Aset Arve 6. $ 20000 Anet Cast of Goods $ Contra Sales $ $ $ 5 5 10 5 Textbook and Media Attempt of 15 uued 2. Seller Return of damaged inventory from buyer for cash. Selling price $510 cost $211. All of the goods were discarded because they are not resaleable. Sellert Payment of 5550 cash for freighton sale of inventory (FOB destination Seller: Return of unwanted inventory from buyer for credit on account, Selling price $390; cost $149. Goods restored to Inventory for future resale. Seller: Receipt of payment (57.520) from customer on account, terms 1/30. 9. 20. or each of the above transactions, indicate (al the basic type (asset, liability, revenue, or expense) of each account to be debited and redited) the specific names of the account to debit and credit (for example, Inventory and to whether each account is Increased (+) or decreased and by what amount. The first one has been done for you as an example. (Enter specific debited account Items in alphabetical order. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg (451) nt Debited Account Credited Ic) ta) (c) Amount Basic Type of Account Specific Account Amount $3.290 Cash -$3.290 Mowances -703 Count ry Asset 5 205 Art $ 1760 Lab Accounts Payable $ 3700 $ 30 At G $ 30 3290 At Cash $ 2290 Inventory 5 20000 A Cast of Goods Sold $ 3000 5 Conta $ $ 5 $ 5 5 5 5 Textbook and Media Attempt of 15 ured
